Nigerian Naira Falls Again In Parallel Market

Nigerian Naira Falls Again In Parallel Market

Yesterday, the Naira depreciated in the parallel market, dropping to N1,520 per dollar from N1,510 per dollar on Wednesday. Similarly, the Naira fell to N1,510.1 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ revealed that the indicative exchange rate for NAFEM increased to N1,510.1 per dollar from N1,507.83 per dollar on Wednesday, marking a N2.27 depreciation for the Naira. The trading volume in the market surged by 62.8 percent, reaching $287.21 million compared to $176.39 million traded on Wednesday.

The margin between the parallel market and NAFEM rates subsequently widened to N10 per dollar from N2.17 per dollar on Wednesday.